Bank of America Corporation (NYSE:BAC) Stock Position Decreased by Fiduciary Group LLC

Fiduciary Group LLC decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 1.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 103,947 shares of the financial services provider’s stock after selling 1,297 shares during the quarter. Fiduciary Group LLC’s holdings in Bank of America were worth $4,338,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of BAC. Geode Capital Management LLC grew its position in shares of Bank of America by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock valued at $6,243,000,000 after purchasing an additional 2,033,229 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares during the period. Norges Bank acquired a new stake in shares of Bank of America in the fourth quarter worth $5,226,989,000. Capital World Investors boosted its holdings in Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares during the period. Finally, Northern Trust Corp grew its position in Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after purchasing an additional 9,980,859 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

Shares of Bank of America stock opened at $48.11 on Wednesday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The firm has a market cap of $362.34 billion, a price-to-earnings ratio of 14.34, a price-to-earnings-growth ratio of 1.29 and a beta of 1.30. Bank of America Corporation has a one year low of $33.07 and a one year high of $48.61. The stock’s 50-day moving average is $43.71 and its 200-day moving average is $43.36.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.16%. Bank of America’s dividend payout ratio is 30.95%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BAC. Wall Street Zen cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. TD Cowen initiated coverage on shares of Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 target price for the company. The Goldman Sachs Group boosted their target price on Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a report on Tuesday, June 10th. JPMorgan Chase & Co. cut their price objective on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research report on Thursday, April 3rd. Finally, Robert W. Baird restated a “neutral” rating and set a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, eighteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $47.65.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.